Biyani may sell Planet Retail stake

Kishore Biyani, of the Future group is expected to sell a part of his 49 per cent stake in Planet Retail Holdings (PRHL) back to its Indonesian promoter. These reports have been denied by Mr. Biyani, but sources close to the company have confirmed that talks between the two partners to change the structure of the company has been going on for a while. It is said that Mr. Biyani is in preparing to dilute equity in some subsidiary to raise Rs 1, 000 crore, to finance an expansion plan.

PRHL sells many brands in India like Guess, Body Shop, Marks & Spencer, Converse and Speedo. And it is also going to introduce the world’s largest coffee chain Starbucks to India in August.